Mantralaya makeover back on track

The Maharashtra government has decided to go ahead with its plan for the redevelopment of Mantralaya and its precincts. Chief minister Ashok Chavan had stayed the project following a controversy which broke out on the eve of the assembly elections. It is learnt that the stay has been lifted and the massive project will be implemented by Indiabulls Real Estate Ltd (IBREL) at a cost of Rs 1,382.75 crore. The PWD, under deputy chief minister Chhagan Bhujbal, had taken the initiative to redevelop government buildings in Mantralaya precinct in partnership with private builders. The project involves modernisation and upgrade of Mantralaya’s main building and construction of residential quarters for ministers, judges and senior officials, a new MLA hostel, a government rest house, auditorium and offices for political parties in the area, which has ministers’ cottages at present. The project involves renovation of 13.76 lakh sq ft of the existing Mantralaya building and converting it into a “modern, secure, aesthetic and IT-enabled building and construction of 17.99-lakh sq ft residential apartments and other facilities’’. The new administrative building and the Vidhan Bhavan will also be renovated. The estimated cost of renovation and construction is Rs 813.13 crore. IBREL will have to pay Rs 293.11 crore towards a corpus fund for maintenance and an up front premium of Rs 276.51 crore. In lieu of these costs, IBREL will get a prime 4.4-acre plot near Mantralaya. The price at which IBREL has bid for the project translates into Rs 314 crore per acre. As many as 17 real estate and infrastructure firms had purchased the tender documents. This included IBREL, L&T, IL&FS, Tata Housing Development Company, Unity Infrastructure and D B Reality. The technocommercial bid was submitted by IL&FS, IBREL and D B Realty. There was a move to keep IL&FS out on the grounds that it was late in making its submission.